Bitcoin Plunges to 54K Andrew Kang Warns of Common Mistakes Too Early to Buy the Dip
Bitcoin failed to sustain its recent recovery above the 57K level on July 8th, starting a downward trend from 5 AM and dropping to 54K. Ethereum also fell back to 2800, with the overall market experiencing a general decline.
Renowned crypto investor Andrew Kang commented on the market downturn:
“The most common mistake in the crypto market is buying too early when the trend shifts downward. Corrections following significant market breakthroughs are usually deeper and longer than most anticipate. When a few foresee a 10% drop from BTC highs, it’s not yet time to buy. After all, prices need sellers to fall. When everyone has been cleared out and doubts if cryptocurrencies are dead forever, that’s when you buy for the next cycle.”
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Andrew Kang compared Ethereum’s current situation unfavorably to Nvidia, stating: “ETH isn’t Nvidia; its fundamentals are poor, more akin to Intel.”
For further reading:
Rising unemployment and renewed expectations of interest rate cuts, crypto markets affected by Mt. Gox sell-off panic
Analyzing Bitcoin mining data to gauge the bottom: Most miners are no longer cost-effective, with half of mining companies operating at a loss
